3 Reasons Investors Love the First Citizens-CIT Group Merger

First Citizens BancShares (NASDAQ: FCNCA) and CIT Group (NYSE: CIT) recently merged in an all-stock deal valued at $2.2 billion that will create the 19th largest bank in the U.S. First Citizens will be the surviving entity and the combined bank will have more than $100 billion in assets and continue to trade under the ticker FCNCA. Following the announcement of the deal on Oct. 16, stocks for both companies surged, with First Citizens climbing more than 11% on the day and CIT Group accelerating more than 26%. Currently, First Citizens is projecting stand-alone earnings of $46.08 per share in 2022.